According to a report released by IntoTheBlock, data shows that Bitcoin long-term holders have been selling since January, but Ethereum long-term holders are still accumulating. Currently, 27.5% of the total Ethereum market capitalization is in a staked state, with 16.3% of the staked ETH being re-staked through protocols such as Eigenlayer. This highlights the strong demand of ETH holders for native rewards. In addition, long-term holders may be waiting for the approval of an Ethereum ETF and a new historical high before deciding to sell.

IntoTheBlock states that as market prices rise, long-term holders are beginning to sell the assets they have accumulated over time. Historical data shows that this profit-taking typically begins in the early stages of a bull market and continues until after the peak of the cycle, making monitoring this activity helpful for more accurately estimating market peaks.